Price following a pattern - "Reach the resistance level, get rejected, break the level ". . . .
The above is the pattern in reality sector since the big fall. One can now expect the price to break the present resistance levels and reach the next resistance levels as shown in the analysis.
NIFTY REALTY on 20th Oct gave the long-awaited triangle breakout followed by a quick attempt to break the resistance at 239-240 levels. This was rejected and then it fell into a channel consolidation (descending) since 22nd Oct.
Possible breakout/down confirmation levels
Breakout - 237.15
Breakdown - 233.9 (Aggressive), 232 (Conservative)
Just a Beginner trying...
The stock has been in this range for over 3 months now. The 100 point range i.e., 840-940 seems to be holding for now. It bounced back strongly from the support levels today and closed on a high. Expect it to test those upper levels again in a week or two. The trade right now is to go long with a stop below 840 on a closing basis. Remember this is a large cap &...
Almost all the sectors have recovered post march downfall but nifty realty yet to recover.
This sector started reacting from a very strong buying zone, some of the stockes like Prestige, Sobha, DLF started showing upmove. keep an eye on realty stocks for good returns in coming days.
Below are the realty stocks with their weightage-
DLF 26.50
Godrej Properties Ltd....
